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FxWirePro: EUR/JPY hits 3-month lows below 38.2% Fib, dip till 200-DMA at 121.13 likely
EUR/JPY chart - Trading View
EUR/JPY extends weakness for the 4th straight session, hits 3-month lows at 122.06, outlook bearish.
European Central bank meeting will be the main focus later on Thursday. Markets expect the ECB to hold off on new measures.
The common currency remains depressed across the board despite some easing in German unemployment numbers.
Germany unemployment rate eased to 6.2% in October and the Unemployment Change went down by 35K.
Further, Italian Business Confidence improved to 95.6 this month while the Consumer Confidence eased a tad to 102.0.
Given the current weakness in the pair, dovish ECB expectations and bearish technical signals, EUR/JPY is expected to sink further below 38.2% Fib retracement.
Next bear target lies at 200-DMA at 121.13. Retrace above 110-EMA negates bearish bias.